Need some loan advice
#1
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Need some loan advice
Ok, Well I just turned 18 and I have been wanting to buy a LS1 for awhile now, and my parents said once I turn 18 they would co sign for me so they didnt have to be full signer. Now that I am 18 they just told me well continue working for about 6 months and then we will. I have been working same job for the past year, no downtime other than the 2 weeks before christmas. Working full time making $10/hr. I will be selling my daily driver looking to get around 4k but will settle for less if need be. That money will either go for down payment on the loan or sit in the bank just in case something happens with work, and that will cover payments for at least 6 months. I found the car I want its a very strong running 1998 Z28 and he is selling it to me for 12k. So what I would like to know is if you guys know anywhere in southern california, Orange county area that would qualify me for a loan and also what should I do with the money from my daily driver, put in the bank, put it down, or something else.
Thanks for you time,
-Ryan
Thanks for you time,
-Ryan
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Best thing for you to do is to go talk to a credit union. If you are already a member of an c.u. even better. Miles on the car you are trying to buy are going to matter also. Banks don't like to finance too high of mileage cars (high meaning 70k or more). Not saying the won't but unless you have a high beacon (credit rating) you'll end up SOL. Credit unions are a little more flexable. As for what you should do with the extra cash...let the c.u. or bank tell you that. you mave have to put some down you may not. all up to you and the banks.
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Originally Posted by Almostryan3
Ok, Well I just turned 18 and I have been wanting to buy a LS1 for awhile now, and my parents said once I turn 18 they would co sign for me so they didnt have to be full signer. Now that I am 18 they just told me well continue working for about 6 months and then we will. I have been working same job for the past year, no downtime other than the 2 weeks before christmas. Working full time making $10/hr. I will be selling my daily driver looking to get around 4k but will settle for less if need be. That money will either go for down payment on the loan or sit in the bank just in case something happens with work, and that will cover payments for at least 6 months. I found the car I want its a very strong running 1998 Z28 and he is selling it to me for 12k. So what I would like to know is if you guys know anywhere in southern california, Orange county area that would qualify me for a loan and also what should I do with the money from my daily driver, put in the bank, put it down, or something else.
Thanks for you time,
-Ryan
Thanks for you time,
-Ryan
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Usually you or your parents have to work for a certain company, but there are some that are open to public. usually named, for IE, austin public c.u. or cali public cu <~~ (made up name). if you can find a public cu usually you'll just have to open up an account. saving or checking...25 dollar deposit is it. listen to miketurbo though. you can find better deals. it comes down to what you want though...
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How much will insurance run you being 18 and having a 98 Z28? I know in NJ it would probably be in the $3000-4000 a year range. So don't just consider the amount of the loan payment, find out what the insurance will be as well. As for the car you mentioned, that price seems a little high for a 98. I just got a 2000 SS with 33K miles for almost the same amount. I used Capital One Auto Finance for the full amount, but I'm old so they probably thought I was a good risk.
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Credit unions will give you better interest raates, but are much less likely to loan you the money. I got my first car from a real bank. Didn't even have a co-signer. Went in there and talked to the VP face-to-face and told him how serious I was. Look up the Kelly Blue Book value of the car online before talking to the bank. That will give you a good idea of how much they will want to go on it.
Look for a car in the triple didgets. There are good LS1 F-bodies for sale on here for $6000-$8,000. If I were you, I'd not spend more than $9000 on one. You're going to want to do minor mods at least and you have to have some money left over.
That caar's tempting you, but just wait a while and look on here on on eBay and on the Internet for cars somewhat close to you. Find one, then ask the bank. If you go see it and don't want it, give the bank back the check. The bank won't care (might cost you $20-$30, though).
Good luck.
Look for a car in the triple didgets. There are good LS1 F-bodies for sale on here for $6000-$8,000. If I were you, I'd not spend more than $9000 on one. You're going to want to do minor mods at least and you have to have some money left over.
That caar's tempting you, but just wait a while and look on here on on eBay and on the Internet for cars somewhat close to you. Find one, then ask the bank. If you go see it and don't want it, give the bank back the check. The bank won't care (might cost you $20-$30, though).
Good luck.
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728 and Cap 1 turned you down? hmm, only if you had no prior car credit or if you had a bk or repo in the last year. 728 is usually an auto approval. most of the time you'll have to watch your miles and kbb book because if it's too much off the bank won't take the risk. but with a 728 they shoudn't care. obviously a 728 has proven themselves credit worthy.
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Originally Posted by Almostryan3
This 1998 Z28 runs a 12.3 with intake exhaust...it was done right and it has the platform to be the fastest head/cam car
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Originally Posted by nrios92
728 and Cap 1 turned you down? hmm, only if you had no prior car credit or if you had a bk or repo in the last year. 728 is usually an auto approval. most of the time you'll have to watch your miles and kbb book because if it's too much off the bank won't take the risk. but with a 728 they shoudn't care. obviously a 728 has proven themselves credit worthy.
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Originally Posted by Almostryan3
a 12.3 in stock motor! Only intake exhaust. I havent seen another one on the west coast do that. Not even intake just an air lid and exhaust.
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it has a lid with filter and dumped duals. thats all and I have never seen an intake exhaust car run that anywhere around here at irwindale pamona anywhere. everyone that hears about it says no way its gotta have gears or slicks or something.
Ive seen head cam cars that arent as fast as this I have seen full bolt ons with gears that are only a tenth of a second faster. intake exhaust only cars I see are uasually just breaking 12's
Ive seen head cam cars that arent as fast as this I have seen full bolt ons with gears that are only a tenth of a second faster. intake exhaust only cars I see are uasually just breaking 12's
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Dumped duals won't pass inspection in most states especially CA. So take your time and do some research before you buy something you can't even legally drive let alone afford. We're not bashing you, we're trying to help. I saw a 2001 Z28 with 27K miles for sale for $12K in PA 2 weeks ago and I would take that over a modified 98 any day of the week. Don't fall for the pretty looks and 1/4 mile times.